Key Supervisory and Regulatory Initiatives PAYMENT AND SETTLEMENT SYSTEMS Securities Clearing and Settlement Systems in Singapore In May 2004, MAS published a monograph on MAS' role and responsibilities in relation to Securities Clearing and Settlement Systems (SCSS) in Singapore. It discusses MAS' supervisory activities that relate to the objective of ensuring a safe and efficient financial infrastructure. In particular, the monograph explains MAS' responsibilities as owner and operator of the MAS Electronic Payment System (MEPS+). It also looks at MAS’ role as the regulator of clearing houses regulated under the SFA. We issued this monograph as part of our continuing effort to clarify our role and objectives in the oversight of such systems.